7 of the Best Market Research Tools for Small Businesses

Whether a market research tool is right for your business depends on a variety of factors, including what industry you’re in, your overall budget for marketing and the size of your company. Even your own comfort level with this type of technology plays a role, because marketing software that gives you a headache as soon as you open it is less likely to be used or bring good ROI.

At the same time, not using any type of market research tool makes it difficult to be competitive. Market intelligence is a sharp sword that lets you cut easily through price, product or procedure decisions. Check out seven of the best market research (and marketing research) tools for small businesses below to find solutions that let you approach marketing and other processes with the right understanding of your target audience.

1. GutCheck

What is it? GutCheck is a market research company that helps businesses target their products during the research and development stages. It can run surveys and studies on various geographic levels, including globally, and has an agile framework that lets you get rapid data and feedback about product iterations as you prepare to enter the market. The company also offers a Constellation service that lets you get all-in-one market and consumer feedback and research to inform a variety of customer service, development and marketing solutions.

How much does it cost? GutCheck works as a business partner and doesn’t offer a SaaS product. It doesn’t publish pricing and instead invites interested businesses to reach out for a consultation.

Who might use it? Larger small businesses, development start-ups or mid-size and larger companies might benefit from GutCheck if they want rapid feedback regarding marketing efforts or product development. GutCheck offers services for a wide range of business sizes and has even been used by brands such as PepsiCo and Chipotle.

2. Survey Monkey

What is it? Survey Monkey is a comprehensive survey platform with numerous solutions to meet a variety of business demands. You can choose from several plans that let you access survey-creation tools so you can gather feedback via mobile connections, social media, email and other channels. Survey Monkey includes automated analytical tools and reporting options that let you turn the raw data into insights that fuel your business decisions.

How much does it cost? This market research tool lets you choose from several plans with costs ranging from around $32 to $75 per month per user. The lowest-cost individual plan lets you create unlimited surveys, track responses and analyze your results.

Who might use it? Survey Monkey has potential for implementation in almost any business, from single retail outlets to small restaurant chains. You can use it to find out what products your consumers want or determine if your latest menu change is settling well with diners. The limitations on this market research tool are defined by your own creative thinking.

3. BuzzSumo

What is it? BuzzSumo is an online marketing research tool. You can try out some of the functionality for free by entering a keyword or a domain into BuzzSumo’s on-site form to get some insight into what type of content is performing for that niche. Enter your business’s website domain to see which posts and pages are getting the most engagement. Paid customers can get more in-depth information, including content analysis, what influencers may be good partners for your brand, and real-time tracking of both visitor behavioral metrics and competitor content.

How much does it cost? Plan prices range from $99 for a Pro plan to $499 or more for an Enterprise plan. Most small businesses will probably start with the Pro or Plus plans. Businesses that pay for an entire year of service get a discount.

Who might use it? BuzzSumo might be a useful research tool for companies that market or connect with consumers online. It takes the guesswork out of SEO and content marketing by helping you understand exactly what type of content and products consumers are searching for, so you can align your website and social profiles accordingly.

4. Ahrefs

What is it? Ahrefs helps businesses understand why competitors are continuously taking top spots in search engine results pages. If you know what others are doing to get to the top, then you can figure out ways to do it better and take the top spots on Google’s page one. Its tools include keyword trackers, side audits, and reports and notifications to help you understand where backlinks are coming from, how to get more backlinks and what keywords people are searching for that you aren’t targeting.

How much does it cost? Ahrefs offers several plans with pricing ranging from $99 per month to $999 per month. Paying annually for the entire subscription gets you two free months, and the plan you need depends on how many users you have and how many projects you’ll run. Companies that aren’t sure if this is the right marketing research tool for them can pay $7 for a full-month trial of the Lite or Standard plans.

Who might use it? Ahrefs may be a good tool if you rely heavily on online traffic to generate leads or revenue, especially if you know you’re not capturing a healthy piece of the pie but can’t figure out why.

5. MarketMuse

What is it? Like BuzzSumo and Ahrefs, MarketMuse is a tool for online marketing research. It’s specifically designed to help brands create content that performs better by more fully connecting with the target audience. The system works by using AI to make predictions about the performance of certain types of content based on what’s going on in the marketplace and search engines at that time. Among other things, MarketMuse helps you understand what content the competition is posting, what topics your target audience is searching for and what you can improve most on your site.

How much does it cost? MarketMuse costs around $500 a month, though it often offers specials that make the cost $399 a month. Users that pay annually get a discount, and you can also start with a free trial to vet this research tool for yourself.

Who might use it? The cost of this tool makes it most appropriate for businesses that rely heavily on online sales or leads. This tool may be a welcome help for small business owners that know they must perform well online but who don’t have a background in SEO or online marketing.

6. Sisense

What is it? Sisense is a self-serve data analytics platform that makes it possible for businesses of all sizes and types to collect information in a single location for parsing and reporting. The tools included in this product allow developers to create embedded analytics and dashboards for real-time insights right in your own software or workflows. The powerful reporting and analysis options let you get answers about your target audience, existing customers and procedures in one place, so you can more easily make connections between all these processes.

How much does it cost? Sisense customizes pricing depending on a business’s needs and what tools and products it will use. Quotes are provided after a consultation and are based on an annual license model.

Who might use it? Sisense’s analytical tools may be helpful to small or mid-size businesses that need to consider a lot of data points for daily decision-making, including those in niches such as finance.

7. Locowise

What is it? Locowise is a social media market research tool that lets you audit the performance of various social profiles, hashtags and campaigns. You can also use the tool to compare performance against that of competitors to find untapped marketing opportunities or areas where your company can engage better with consumers.

How much does it cost? Locowise currently offers two plans: Report Builder and Report Master. Prices range from $495 to $695 a month with a 20% discount for paying annually. You can also start using Locowise via a free trial.

Who might use it? Locowise is meant to be used by agencies or those who manage multiple social accounts. Companies that have more than one brand or line of service — with social profiles for each — may also benefit from this tool. Small businesses that provide publicist or marketing assistance to others, such as small presses might provide authors, might also benefit from Locowise.

Remember: Tools Don’t Replace Work

One thing all these tools have in common is that they make market research and marketing easier for businesses. But no tool takes all the work out of these critical tasks. Business owners that are struggling to market online or understand how to connect with their audience may want to partner with organizations that have perfected proven strategies for doing so, such as Groupon.